Sale of inherited land using CD/Download 2020 Deluxe version of TurboTax

[jimbob48]

The link that you gave is of no value that I can tell.  It takes one back to the input of the sales of a home and then refers to a supposed link at the bottom of the page that refers to the sale of inherited land.  That link then takes one back to the original link for the sale of an inherited home.  This is about as clear as mud and very redundant with no clear instructions.  Can you clarify?

[Irene2805]

A land sale is considered a sale of an investment.  To report this in TurboTax, please follow these steps:

TurboTax Online

1. Click on Federal > Wages & Income
2. In the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
3. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
4. On the screen,  OK, what type of investments did you sell? mark the Other box and click Continue.
5. When you get to the screen, Now we’ll walk you through entering your sale details enter the details of the sale.  You will be able to select the type of investment in the first box [second home, land, etc.]  [See Screenshot #1 below.]
6. Click Continue when done.

TurboTax CD/Download

1. On the Wages & Income screen, in the Investment Income section click on the Start/Revisit box next to Stocks, Mutual Funds, Bonds, Other.  If you have already entered some investment sales, you will see a screen Here's the investment sales info we have so far.  Click on the Add More Sales link. 
2. If you haven't yet entered some investment sales, you will see a screen Did you sell any investments in 20XX?  Click the Yes box.
3. On the screen,  Did you get a 1099-B or brokerage statement... click the No box.
4. On the screen, Tell us about this sale, mark the radio button, I'll enter one sale at a time.
5. Enter the information in the boxes that appear.  You will have to type in Land Sale in box 1a.  For date of acquisition, you can either enter a date or "inherited."  
6. Enter the total sales proceeds as well as the other information requested.  [See Screenshot #2 below.]
7. Continue to the screen, Select any less common adjustments that apply.  
8. Mark the first box The reported sales price did not deduct all fees or selling expenses.  [Screenshot #3]  
9. Enter the sales expenses not deducted from the sales price entered earlier.

Screenshot #1

Screenshot #2

Screenshot #3

@jimbob48

[jimbob48]

Thank you.  This helped immensely.  I wasn't getting this with the earlier instructions.

[kt38]

So the IRS does not get a copy of the 1099-S that was sent to me with the tax filing, like other 1099's?

[PattiF]

The IRS does get a copy of the 1099-S. What kind of sale was the form reporting for you?

@kt38 

[kt38]

A cash sale.  I reported it under investments, as a sale.  Hope that was right.  TurboTax support for use of the software - where in the program to report a 1099-S was of absolutely NO help, a simple question and the agent had no clue even where to look.  I spend hours filtering through online info and hope I got it right.  Very disappointed that TurboTax provides no support for questions that are about a quarter turn off what is easily available.  Not tax regulations related, just how do I use this program! Just don't know what another tax prep options may be.

[RobertB4444]

@kt38  You reported it correctly and in the correct place.  Did you put the value at the date that you inherited the property as the basis for the sale?  That's important.

[Beewood]

Thank you